Renters Guaranty :
Like a parent cosigner, a guarantor is a party obligated by law to fulfill your rent obligations in the event of rent default. Leap qualifies your lease in place of a guarantor.
No. You are responsible to pay your rent and fulfill your other obligations under your lease agreement. We can only guarantee your lease to the landlord and help you qualify for your apartment.
Landlords often set strict qualification standards that are difficult for tenants like students, international professionals, and those with less-than-perfect credit to meet. Leap fills in for a personal guarantor or parent cosigner, allowing you to sign a lease where you otherwise would not qualify.
Leap is primarily a referral-based program. We cannot provide a list of partnered properties. However, if the property you’re leasing with is interested in signing up with Leap, feel free to apply with us, and we can have our business development team reach out to the leasing office.
Anyone 18 years or older with the right to study or work in the U.S. can apply. For example: we accept applications from students, international students, working professionals, self-employed entrepreneurs.
Approval time varies depending on documents submitted and property response time. However, once you submit an application, you will hear back from us regarding the next steps within 30 minutes during normal business hours.
Generally, most of our applicants are ready to move in the same day!
We charge a one-time, upfront fee for the term of the lease to cosign your lease. Fees vary depending on the length of the lease. We will be able to provide an exact quote once a completed application is fully reviewed.
Yes, we will run a hard check on your credit. However, the impact on your FICO score is minimal.
Yes! Leap accepts applications from foreign citizens with the right to study, work, or live in the US.
Yes. If your name is on the lease, you will need to submit a free application. This does not apply to subletting roommates.
Leap cannot restrict coverage to one particular tenant when there are others on the lease. This is because we cover the entire apartment lease for the full term.
Depending on your individual situation, different documents will be required. Typically, photo ID, pay stubs, recent bank statements and, if applicable, copies of your student or work Visa will be needed. Students, 1099 workers, internationals, and retirees will be asked for additional/alternative documents.
Leap takes on a significant risk by cosigning your lease. To take on this risk, we go through an extensive review process, and these documents are necessary to determine your qualification.
To qualify, you must be a full-time student at an accredited institution (generally 12 credit hours per term) during the entirety of the lease term. You must be in good academic standing with a cumulative GPA of 2.0 or higher.
Our policy expires once your lease end date has passed. If you require Leap’s services again for an extension or renewal of your lease, you’ll need to reapply and pay our fee again, generally for a discounted renewal price.
Our fee is not a security deposit and is not returnable, unless your lease has been declined by the property.
Applications are submitted by all tenants on our website.
Once everyone’s application is complete, you’ll get a decision within 30 minutes*.
Remaining documents are collected and reviewed.
Everyone on the lease signs our agreement and pays the fee.
We provide all the necessary documents to your landlord. You’re ready to sign your lease and move in!
Our fee is based on a variety of factors including the lease term, the applicant’s credit and rental history as well as personal financial conditions, i.e., income, bank balances, etc.
Our fee can be paid via credit/debit card, Zelle, or certified bank check. Payment is collected before the lease is signed.
No. Leap’s fee is a one-time payment to secure the apartment. Our fee is entirely separate from and in addition to any fee the property requires as a security deposit. If you’re interested in a security deposit replacement, check with your property to see if they accept our Leap Deposit Replacement (LDR) product.
We cover leases up to 24 months.
Simply provide us with the building or landlord information and we’ll reach out to them. Most landlords can be registered as a partner on the same business day. We’ll do everything we can to help secure the apartment for you.
Our guaranty does not change your obligations under your lease agreement and does not protect you from missed payments or eviction—so be cool. If you default on your lease, it may lead to legal action, the start of an eviction proceeding, and a negative impact on your credit. You will be liable for any and all missed payments as defined in your lease agreement.
Renters LDR :
Leap Deposit Replacement is a deposit alternative that substitutes the traditional up-front security deposit with a low, non-refundable monthly fee. Instead of paying a cash security deposit, Leap Deposit Replacement gives you the freedom to pay a fraction of that amount.
You are still responsible for damage beyond standard wear and tear on your rental home. You remain responsible for your monthly rent and keeping your rental home in good condition.
Having the following materials will help us process your enrollment quickly:
- Your lease start date
- Landlord approval of your lease application
The specific requirements may vary by state and your personal circumstances. We might reach out for additional information if needed.
LDR is available at an ever-growing number of buildings around the country. To find out whether your rental home offers LDR, ask your landlord or leasing team if they are currently partnered with Leap.
Landlords Guaranty:
Leap acts as an institutional guarantor backed by an insurance company currently rated A- (Excellent) by A.M. Best. We qualify people who do not meet your building’s income or credit requirements. With a Leap guaranty, more residents will qualify for your properties and you’ll know that your rent roll is secured.
We’ll even feature your properties in our direct-to-consumer marketing, and all of this comes at no cost to you. There is no cost to partner with us and we do all the heavy lifting.
Click here to sign up as a partner!
We’ll cover up to the full rental amount for the length of the lease. In the event the renter defaults on payment, simply file a claim with Leap and we’ll send you the rent when due each month until the unit is filled or your coverage limit has been met. We’ll even cover a portion of your legal costs in the event of an eviction.
The great thing about Agile Rent Guaranty is that you can customize how much coverage you want.
Chasing down parent cosigners, who may live out of state, is never fun. We are your one point-of-contact if things go sideways. Leap’s coverage is backed by an A.M. Best A- (Excellent) rated insurance company.
Fill out the landlord contact form here and a member of our team will get in touch.
The resident pays for the service. Landlords are the insured and the beneficiary of the landlord policy.
Leap helps prospective residents who do not meet your income or credit requirements. The most common types of applicants are foreign citizens with no US credit, students with no income, young professionals with thin credit files, and self-employed individuals.
We charge a one-time, upfront fee for the guaranty that ranges based on the amount of coverage the landlord desires. Once we have established the level of coverage desired (which can vary per property), we can provide you with an estimated LEAP fee at that time.
Yes, since all residents are jointly and severally liable, anyone who signs the lease will need to sign our agreement.
Leap guarantees leases up to 24 months long.
Complete applications are reviewed within 30 minutes. Once all documents are received and reviewed, residents can be ready to sign your lease within the hour.
No. We’ll work with you to fit within your standard procedures.
Your standard, auto-approve deposit.
Start the eviction proceedings and file a claim with Leap within 120 days of the initial date of default (or within 60 days for New York losses). Please be sure to submit all required documents (i.e. resident lease agreement and ledger) at the time of claim submission. If the tenant is still occupying the unit, you would still file a claim. The initial claim payment will not be issued until possession has been regained, however. Subsequent payments will be made on a monthly basis upon receipt of an updated ledger and confirmation of re-let status.
If any damages to the unit beyond normal wear and tear are discovered, please submit supporting documents (i.e. photos of damages, invoices & receipts for repairs, and inspection reports) at the time of claim submission. Missed rents, damages, and a tenant’s failure to pay other covered expenses (within the lease terms) would all be filed under one (1) claim and not separate claims.
File a claim with Leap each month the unit is vacant and we will make the rent payments until the unit is re-let or the coverage limit has been met, whichever occurs first.
Landlords have the ability to add holdover coverage to their policy. Please inquire with your Sales representative if you would like to learn more!
Go to the link here to file a claim. While we encourage you to submit a claim as soon as you know of a loss, claims are accepted up to 60 days after the rent due date. The sooner you inform us of a loss the sooner you will be compensated.
Except in cases of eviction and holdover residents, claims are processed within 5 business days and losses are paid within 10.
We do! We’re backed by an A.M. Best A- (Excellent) rated insurance company.
No, the lease still governs your relationship with your resident. In fact, our service is in place to protect you and to limit your risk. In the event the resident stops paying, you should follow your standard eviction procedures. Once you have repossessed the apartment, you will be paid for all missed rent up to the coverage amount you have chosen for that particular property, or until the unit is re-let, whichever occurs first.
If you still require a guarantor for a resident upon lease renewal, they will need to re-apply and be re-underwritten by Leap. If approved, the guaranty for the new lease will be offered with a renewal discount.
Landlords LDR :
As many states are beginning to require a monthly payment option as an alternative to a traditional security deposit, LDR can fulfill that need. Additionally, it makes moving in more affordable for your renter, while you enjoy the full policy benefits.
The LDR policy can be utilized to cover unpaid rent, utilities, legal fees or damages.
LDR allows applicants to pay a small monthly fee, as low as $5/month, as opposed to a traditional security deposit that must be paid upfront. This reduces that barrier to entry and offers more options to your applicants.
Fill out the landlord contact form here and a member of our team will get in touch.
The resident pays a small monthly fee over the course of their tenancy.
LDR is available for all types of applicants, whether they’re fully approved, conditionally approved or approved with Leap Rent Guaranty.
LDR charges a monthly premium, starting at $5 a month, and it is valid through the resident’s full tenancy.
LDR is valid for the resident’s full tenancy.
Residents are approved immediately upon enrolling.
No. You will still treat the applicant as if they paid a traditional refundable security deposit.
Nothing! With LDR, there’s no need to charge a traditional, refundable security deposit.
Once you’ve regained possession of the home and are ready to complete your move-out paperwork, simply complete our Notice of Loss form located here.
Upon repossession, claims are processed within 5 business days and losses are paid within 10.
We do! We’re backed by an AM Best A- (Excellent) rated insurance company.
Nothing. Your resident continues to pay our monthly fee for the duration of their residency in order to maintain their issued policy.